MIDDLE EAST FINANCIAL INVESTMENT COMPANY (A Saudi … · (Saudi Riyals) - 8 - 1. GENERAL Middle...

MIDDLE EAST FINANCIAL INVESTMENT COMPANY (A Saudi Closed Joint Stock Company)

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

TOGETHER WITH THE

INDEPENDENT AUDITOR’S REPORT


CONSOLIDATED FINANCIAL STATEMENT AND INDEPENDENT AUDITOR’S REPORT

For the year ended 31 December 2016 (Saudi Riyals)

INDEX PAGE

Independent auditor’s report 2

Consolidated balance sheet 3

Consolidated statement of income 4

Consolidated statement of cash flows 5 – 6

Consolidated statement of changes in shareholders’ equity 7

Notes to the consolidated financial statements 8 – 28


CONSOLIDATED BALANCE SHEET


Notes 2016 2015

ASSETS

Current assets

Cash and cash equivalents 4 26,794,381 31,104,640

Margin loans 5 11,999,392 43,298,822

Held for trading investments 6 5,091,599 1,830,264

Receivable from Souk Sharq Fund 11 12,000,000 6,000,000

Deposit against letter of guarantee 15 17,973,700 17,973,700

Murabaha receivables 11 10,166,667 -

Accrued income and other current assets, net 7 36,292,412 22,533,961

Total current assets 120,318,151 122,741,387

Non-current assets

Available-for-sale investments 8 147,094,108 158,156,786

Equity accounted investee 9 3,771,325 6,077,814

Receivable against the sale of investment property 10 120,000,000 120,000,000

Receivable from Souk Sharq Fund 11 22,403,906 28,403,906

Long-term receivables 12 4,650,000 4,350,000

Property and equipment, net 13 3,974,533 3,784,343

Total non-current assets 301,893,872 320,772,849 TOTAL ASSETS 422,212,023 443,514,236

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Payable to Souq Sharq Fund 11 - 30,001

Accrued expenses and other current liabilities 14 4,868,299 5,807,091

Provision for zakat and income tax 15 6,250,215 7,397,580

Total current liabilities 11,118,514 13,234,672

Non-current liabilities

Employees’ end of service benefits 16 3,401,277 2,712,073

Total non-current liabilities 3,401,277 2,712,073 Total liabilities 14,519,791 15,946,745

Shareholders’ equity

Share capital 17 400,000,000 400,000,000

Statutory reserve 18 9,058,281 8,553,886

Other reserves (9,025,015) (9,502,665)

Retained earnings 7,658,966 28,516,270

Total shareholders’ equity 407,692,232 427,567,491

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 422,212,023 443,514,236

The accompanying notes 1 to 26 form an integral part of these consolidated financial statements.

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CONSOLIDATED STATEMENT OF INCOME


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Notes 2016 2015

REVENUES

Asset management and subscription fees 32,917,593 31,223,730

Realized gain on sale of held for trading investments, net 609,206 5,094,389

Realized gain on sale of available-for-sale investments, net 10,128,173 18,768,694

Dividend income 2,183,903 434,898

Profit on Murabaha placement 166,667 -

Brokerage fee income 2,147,674 3,283,066

Advisory services income - 350,000

Special commission income 2,701,576 1,276,576

Unrealized gain / (loss) on held for trading investments 6 31,440 (143,136)

Share of loss from equity accounted investee 9 (1,402,292) (1,540,081)

Interest income 4,200,000 4,200,000

Other income 297,295 420,900

Foreign exchange loss (209,841) (512,208) Total revenues 53,771,394 62,856,828

EXPENSES

Salaries and employees’ related expenses (28,226,621) (26,700,535)

Depreciation expenses 13 (960,684) (1,555,194)

Rent expenses (1,505,550) (1,732,548)

Interest expense - (83,339)

Impairment charges, net 20 (1,639,247) 8,544,306

Other general and administrative expenses 19 (16,395,346) (14,216,948) Total expenses (48,727,448) (35,744,258)

NET INCOME FOR THE YEAR 5,043,946 27,112,570

EARNINGS PER SHARE 21 0.13 0.68



CONSOLIDATED STATEMENT OF CASH FLOWS


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2016

2015

CASH FLOWS FROM OPERATING ACTIVITIES

Net income for the year 5,043,946 27,112,570 Adjustments to reconcile net income to net cash from operating

activities:

Realized gain on sale of held for trading investments, net (609,206) (5,094,389)

Unrealized (gain) / loss on held for trading investments (31,440) 143,136

Realized gain on sale of available-for-sale investments, net (10,128,173) (18,768,694)

Profit on Murabaha placement (166,667) -

Share of loss from equity accounted investee 1,402,292 1,540,081

Impairment charges, net 1,639,247 (8,544,306)

Depreciation expenses 960,684 1,555,194

Provision for employees’ end of service benefits 1,083,726 980,706

Loss on disposal of property and equipment - 23,835

(805,591) (1,051,867)

Changes in operating assets and liabilities:

Purchase of held for trading investments (27,191,632) (3,075,100)

Proceeds from sale of held for trading investments 24,570,943 34,383,246

Receivable against sale of investment property - 6,826,500

Receivables from Souk Sharq Fund - 6,000,000

Payable to Souq Sharq Fund (30,001) (4,824,558)

Deposit against bank guarantee - (17,973,700)

Accrued income and other assets (13,758,451) (9,452,024)

Accrued expenses and other liabilities (938,792) 2,070,082 (18,153,524) 12,902,579

Employees end-of-service benefits paid (394,522) (478,294)

Zakat and tax paid (6,544,220) (7,119,206) Net cash (used in) / generated from operating activities (25,092,266) 5,305,079

INVESTING ACTIVITIES

Margin loans 31,299,430 (31,854,778)

Murabaha placement (10,000,000) -

Long term receivables (300,000) -

Purchase of property and equipment (1,150,874) (1,334,396)

Proceeds from disposal of property and equipment - 109,360

Purchase of available-for-sale investments (10,647,479) (45,000,000)

Proceeds from disposal of available-for-sale investments 31,580,930 33,649,095 Net cash generated from / (used in) investing activities 40,782,007 (44,430,719)


CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)


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Note

2016

2015

CASH FLOWS FROM FINANCING ACTIVITIES

Short-term loan - 3,060,000

Long-term borrowings - (5,776,900)

Dividends paid (20,000,000) -

Net cash used in financing activities (20,000,000) (2,716,900)

Decrease in cash and cash equivalents (4,310,259) (41,842,540) Cash and cash equivalents, at the beginning of the year 31,104,640 72,947,180 Cash and cash and equivalents, at the end of the year 26,794,381 31,104,640 Supplemental non-cash information

Change in fair value of available for sale investments and

foreign exchange difference

477,650 (9,182,626)

Transfer from work in progress to property and equipment 13 183,309 237,913


MIDDLE EAST FINANCIAL INVESTMENT COMPANY

(A Saudi Closed Joint Stock Company)

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

For the year ended 31 December 2016 ( (Saudi Riyals)


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Notes Share capital

Statutory

reserve Other reserves

Retained

earnings Total

Balance as at 1 January 2016 400,000,000 8,553,886 (9,502,665) 28,516,270 427,567,491

Net income for the year -- -- -- 5,043,946 5,043,946

Transfer to statutory reserve -- 504,395 -- (504,395) -- Change in fair value of available-for-sale investments and foreign

exchange difference during the year, net -- -- 477,650 -- 477,650

Dividends paid -- -- --

(20,000,000)

(20,000,000)

Zakat and income tax 15 -- (5,396,855) (5,396,855)

Balance as at 31 December 2016 400,000,000 9,058,281 (9,025,015) 7,658,966 407,692,232

Balance as at 1 January 2015 400,000,000 5,842,629 (320,039) 10,619,077 416,141,667

Net income for the year -- -- -- 27,112,570 27,112,570

Transfer to statutory reserve -- 2,711,257 -- (2,711,257) --

Change in fair value of available-for-sale investments and foreign

exchange difference during the year, net -- -- (9,182,626) -- (9,182,626)

Zakat and income tax 15 -- -- -- (6,504,120) (6,504,120)

Balance as at 31 December 2015 400,000,000 8,553,886 (9,502,665) 28,516,270 427,567,491

MIDDLE EAST FINANCIAL INVESTMENT COMPANY (A SAUDI CLOSED JOINT STOCK COMPANY)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


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1. GENERAL Middle East Financial Investment Company (the “Company”) is a Saudi closed joint stock company

established under the Regulations for Companies in the Kingdom of Saudi Arabia. The Company

operates under Commercial Registration No. 1010237038 issued in Riyadh on Sha’ban 2, 1428 H

(corresponding to 15 August 2007) and Ministerial Resolution No. 200/K dated Rajab 30, 1428 H

(corresponding to 13 August 2007) announcing the formation of the Company. The objectives of the Company are to participate in financial security activities, deal as an agent and as

an underwriter, perform management activities to establish and arrange investment funds, manage

portfolios, perform arranging, advisory and custody services for the purposes of the administrative

procedures related to the investment funds, portfolio management, and financial brokerage in accordance

with the license of the Capital Market Authority (“CMA”) No. 06029-37 dated 21 Jumada II 1427 H

(corresponding to 17 July 2007 G). These consolidated financial statements comprise of the financial statements of the Company and its

subsidiary Jeser Real Estate Development Company (collectively referred to as “the Group”). The

financial statements of the subsidiary are prepared for the same reporting period as that of the

Company. Control is achieved where the Group has the power to govern the financial and operating

policies of an entity so as to obtain benefits from its activities. All significant inter-company

transactions and balances have been eliminated. The Company’s subsidiary, Jeser Real Estate Development Company (“Jeser”) is a Saudi Limited

Liability Company, which is owned 100% by the Company as follows.

Ownership percentage

Direct Indirect*

Jeser Real-Estate Development Company 99.9 0.1

*Although not legally owned by the Company, the other shareholder has assigned his share of

investment to the benefit of the Company.

The objectives of the subsidiary are to purchase land for construction of buildings for the purpose of sale

or lease; in addition manage, maintain, develop, buy and own, sell and purchase, and utilize real estate

and land for the benefit of the Company. The subsidiary is also permitted to invest in other entities

which engage in similar real estate activities.

2. BASIS OF PREPARATION

Statement of compliance These consolidated financial statements have been prepared in accordance with the generally accepted

accounting standards in the Kingdom of Saudi Arabia issued by the Saudi Organization for Certified

Public Accountants (“SOCPA”).

Basis of measurement These consolidated financial statements have been prepared on historical cost basis using the accrual

basis of accounting and the going concern concept, except for investments held for trading and

available-for-sale investments, which are measured at fair value.

Functional and presentation currency The consolidated financial statements are presented in Saudi Riyals (“SR”) which is the functional

currency of the Group.


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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2. BASIS OF PREPARATION (Continued)

Critical accounting judgements, estimates and assumptions The preparation of consolidated financial statements in conformity with SOCPA requires the use of

certain critical accounting judgements, estimates and assumptions that affect the reported amounts of

assets and liabilities. It also requires management to exercise its judgement in the process of applying the

Group’s accounting policies. Such judgements, estimates, and assumptions are continually evaluated and

are based on historical experience and other factors, including obtaining professional advice and

expectations of future events that are believed to be reasonable under the circumstances. Significant areas

where management has used judgements, estimates and assumptions are as follows:

Impairment of available for-sale investments

The Group exercises judgement to consider impairment on the available-for-sale investments. This

includes determination of a significant and prolonged decline in the fair value below its cost. In making

this judgement, the Group evaluates among other factors, the normal volatility in price. In addition, the

Group considers impairment appropriate when there is evidence of deterioration in the financial health

of the investee, industry and sector performance, changes in technology, and operational and financing

cash flows.

Impairment of other non-current assets

Other non-current assets are reviewed for impairment losses whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. An impairment loss, if any, is

recognized for the amount by which the carrying amount of the asset exceeds its recoverable amount.

The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the

purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately

identifiable cash flows.

Determination of Control

The Group acts as Fund Manager to a number of investment funds. Determining whether the Group

controls such an investment fund usually focuses on the assessment of the aggregate economic interests

of the Group in the Fund (comprising any carried interests and expected management fees) and the

investor’s rights to remove the Fund Manager. As a result, the Group has concluded that it acts as an

agent for the investors in all cases, and therefore has not consolidated these funds.

Going concern

The Group’s management has made an assessment of the Group’s ability to continue as a going

concern and is satisfied that the Group has the resources to continue in business for the foreseeable

future. Additionally, management is not aware of any material uncertainties that may cast significant

doubt upon the Group’s ability to continue as a going concern. Therefore, the consolidated financial

statements continue to be prepared on going concern basis.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies set out below have been applied consistently to all years presented in the

financial statements:

Cash and cash equivalents For the purpose of statement of cash flows, cash and cash equivalents comprise cash in hand, cash with

banks and other short-term highly liquid investments with original maturities of three months or less,

which are available to the Group without any restriction.




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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Held for trading investments An investment is classified as held for trading if they are purchased for the purpose of resale in short-

term. Investments held for trading are recognised initially at cost plus attributable transaction costs on

trade date, which is the date on which the Group becomes a party to the contractual provisions of the

investment. Subsequent to initial recognition, these investments are measured at fair value and changes

therein are recognised in the statement of income.

Available-for-sale investments The Group’s investments in equity securities are classified as available-for-sale investments (AFS) if

these are not purchased for trading. AFS investments are initially recognized at cost plus directly

attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and

changes therein, other than impairment losses, and foreign exchange gains and losses on available-for-

sale monetary items, are recognized directly in shareholders’ equity as fair value reserve.

For securities traded in organized financial markets, fair value is determined by reference to exchange

quoted market bid prices at the close of business on the consolidated balance sheet date. Fair value of

investments in mutual funds is determined by reference to declared net asset values.

For securities where there is no quoted market price, a reasonable estimate of the fair value is

determined by reference to the current market value of another instrument which is substantially the

same, or is based on the expected cash flows of the security. Where the fair values cannot be derived

from active markets, they are determined using a variety of valuation techniques that include the use of

mathematical models. The input to these models is taken from observable markets where possible, but

where this is not feasible, a degree of judgment is required in establishing fair values.

If the fair value of the AFS investments held by the Group cannot be determined reliably, these AFS

investments are stated at cost.

On de-recognition, any cumulative gain or loss previously recognized in equity is included in the

consolidated statement of income for the year.

Equity accounted investees Investment in associates in which the Group has equity interest more than 20% but less than 50% and

exercises significant influence is recorded using the equity method, under which the investment is stated

initially at cost and adjusted thereafter for the post acquisition changes in the net assets of the investee

companies.

Margin loans Margin loans are granted in-line with the CMA Authorized Person Regulations, which allow the Group

to grant credit facilities under certain business specifications. These represents Shariah compliant

products in the form of Murabaha agreements which are stated at amortized cost less allowance for

doubtful loans.

Margin loans are initially recognized when cash is advanced to customers. They are derecognized when

customers repay their obligations; the loans are written off, or the loans are sold and substantially all the

risks and rewards of ownership are transferred. The Group in the ordinary course of business holds

shares as collateral to mitigate credit risk on margin loans.




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Investment properties Investment properties are those which are held either to earn rental income or for capital appreciation or

for both. Investment properties are stated at cost less accumulated depreciation and impairment, if any.

Depreciation is charged so as to write-off the cost less estimated residual value over their estimated

useful lives, using the straight-line method. Gains from these investments are reported upon the sale of

investment.

Property and equipment Property and equipment are stated at cost less accumulated depreciation and impairment losses if any.

Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent

expenditure is capitalized only when it increases the future economic benefits embodied in the item of

property and equipment. All other expenditures are recognized in the statement of income when

incurred.

Depreciation is charged to the statement of income on a straight-line basis over the estimated useful lives

of individual item of property and equipment. The estimated useful lives of the principal classes of

assets are as follows:

Years Leasehold improvements 7

Furniture and fixtures 5

Office equipment 5

Information technology equipment 4

Network communication equipment 4

Software and licenses 7

Motor vehicles 5

Gains and losses on disposals are determined by comparing disposal proceeds with carrying amount

and are included in the statement of income.

Provision for end-of-service benefits End-of-service benefits are payable as a lump-sum to all employees employed under the terms and

conditions of the Saudi Labor Law on termination of their employment contracts. The liability is

calculated as the current value of the vested benefits to which the employee is entitled to, should the

employee leaves at the consolidated balance sheet date. Benefit payments are based on employees’ final

salaries and their cumulative years of service, as defined by the conditions stated in the laws of the

Kingdom of Saudi Arabia.

Foreign currency translation

Foreign currency transactions are translated into Saudi Riyals at the rates of exchange prevailing at the

time of the transactions. Monetary assets and liabilities denominated in foreign currencies at the

consolidated balance sheet date are translated at the exchange rates prevailing at that date. Gains and

losses from settlement and translations of foreign currency transactions are included in the consolidated

statement of income.




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Zakat and income tax The Group’s Saudi and GCC shareholders are subject to Zakat in accordance with the Regulations of the

General Authority of Zakat and Tax (“GAZT”) as applicable in the Kingdom of Saudi Arabia. The zakat

charge is computed on the zakat base. An estimate of zakat arising there from is provided as a charge to

shareholders’ equity.

The Group’s foreign shareholders are subject to income tax in accordance with Regulations of

(“GAZT”) as applicable in the Kingdom of Saudi Arabia. Income tax is computed on adjusted net

income. An estimate of income tax arising therefrom is provided as a charge to shareholders’ equity.

Any difference in the estimate is recorded when the final assessment is approved, at which time the

provision is cleared.

Revenue recognition

• Asset management fees are recognized based on the certain agreed percentage of NAV of funds

being managed. The Group as a Fund Manager charges asset management fees to its Funds on

account of management, administration, subscription and custody at the rates agreed under offer

documents of each fund.

• Portfolio and other advisory fees, service fees and custodian fees included under other income, are

recognized based on the applicable service contract.

• Special commission income is recognized on accrual basis.

• Dividends from investments are recognized when right to receive the dividend is established.

• Rental income is recognized on an accrual basis using straight line method over the lease terms.

When the Group provides incentives to its tenants, the cost of incentives are recognized over the

lease-term, on a straight-line basis, as a reduction of rental income.

Expenses Expenses are measured and recognized as a period cost at the time when they are incurred. Expenses

related to more than one financial period are allocated over such periods proportionately.

Operating lease Rental expense for operating leases is charged to the consolidated statement of income on a straight-line

basis over the term of the operating lease.

Fiduciary assets Assets under management:

The Group offers assets management services to its customers, which include management of certain

mutual funds and investments. Such assets are not treated as assets of the Group and accordingly are not

included in the consolidated financial statements.

Clients’ cash accounts:

Clients’ cash accounts are not treated as assets of the Group and accordingly are not included in the

accompanying consolidated financial statements.




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4. CASH AND CASH EQUIVALENTS

2016 2015

Cash in hand 20,000 15,000

Cash at banks – current accounts 26,774,381 31,089,640 26,794,381 31,104,640

5. MARGIN LOANS

These loans earn special commission income at an average rate of 10% per annum (2015: 10% per

annum). Margin loans at 31 December 2016 and 2015 were neither past due nor impaired.

6. HELD FOR TRADING INVESTMENTS

Held for trading investments at 31 December are as follows:

2016

Cost

Fair value

Unrealized

gain/(loss) Mutual fund (a) 5,060,159 5,091,599 31,440

2015 Cost Fair value

Unrealized

gain/(loss) Equity securities 1,973,400 1,830,264 (143,136)

(a) This represents investment made during the year in 46,311.34 units (31 December 2015: Nil) of MEFIC

Saudi Riyal Murabaha Fund, an open-ended fund managed by the Company.

7. ACCRUED INCOME AND OTHER CURRENT ASSETS, NET

Notes 2016 2015

Accrued management fees 17,847,527 12,534,645

Advance to property manager 7(a) 1,998,207 1,998,207

Accrued performance fees 6,814,232 --

Prepaid expenses 1,679,980 4,050,464

Prepaid rent -- 613,065

Interest receivable from Souk Sharq 10, 11 4,200,000 4,200,000

Receivable from employees 3,041,618 635,152

Custody fees receivable 220,000 220,000

Dividends receivable 11 2,136,000 81,625

Others 714,853 560,808

38,652,417 24,893,966

Provision for doubtful debts – other assets (2,360,005) (2,360,005)

36,292,412 22,533,961

(a) This represents advance payment made to the property manager of the Souq Sharq. The

cumulative provision for impairment of this balance amounts to SR 1.99 million as at 31

December 2016.




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8. AVAILABLE-FOR-SALE INVESTMENTS

Available-for-sale investments at December 31 were as follows:

2016 Book value Fair value

Unrealized

gain / (loss) Real estate funds (a) 75,950,000 71,168,550 (4,781,450) Mutual funds (b) 40,647,480 39,268,362 (1,379,118) Unquoted foreign equity investment (c) 11,865,752 11,823,480 (42,272) Quoted foreign equity investment (d.) 1,464,096 1,504,103 40,007 Al Waad Investment portfolios (e) 1,191,795 1,140,644 (51,151) Discretionary portfolios (f) 25,000,000 22,188,969 (2,811,031) 156,119,123 147,094,108 (9,025,015)

2015 Book value Fair value

Unrealized

gain / (loss) Real estate funds (a) 75,950,000 74,272,714 (1,677,286)

Mutual funds (b) 38,030,000 34,575,344 (3,454,656)

Unquoted foreign equity investment (c) 11,865,753 11,829,498 (36,255)

Quoted foreign equity investment (d) 1,743,600 2,078,496 334,896

Al Waad Investment portfolios (e) 15,070,100 15,854,552 784,454

Discretionary portfolios (f) 25,000,000 19,546,182 (5,453,818) 167,659,453 158,156,786 (9,502,665)

(a) This represents the Group’s investment in the following real estate funds managed by the Group and

governed by the Real Estate Fund Regulations issued by the Capital Market Authority ("CMA"):

Funds 2016 2015

Number

of units Fair Value

Number

of units Fair Value

Real Estate Income Fund 60,000 599,442 60,000 600,006

MEFIC Manazel Qurtoba II Fund 5,000 5,977,634 5,000 6,355,214

Souk Sharq Fund 35,000 29,730,264 35,000 32,302,206

CAYAN MEFIC Office Tower Fund 20,000 18,831,986 20,000 20,015,288

MEFIC Al Qannas II Fund 15,000 16,029,225 - -

Investment subscription money - MEFIC Al

Qannas II Fund - 15,000,000 71,168,551 74,272,714




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8. AVAILABLE-FOR-SALE INVESTMENTS (Continued)

(b) This includes the investment in the following funds

Funds 2016 2015

Number

of units Fair Value

Number

of units Fair Value

MEFIC Amwal AlKhaleej (Sports)

Fund – Closed Private Equity Fund - - 5,000 6,885,739

MEFIC IPO Fund 147,193 19,963,290 147,193 17,323,789

Al Awwal Saudi Equity Fund - - 29,582 436,877

Al Awwal Food & Healthcare Fund - - 199,581 1,669,979

Al Awwal Egyptian Equity Fund - - 50,848 367,426

MEFIC Local Equity Fund 50,000 4,285,375 50,000 3,824,815

KMEFIC Gulf Gate Fund 339,774 4,372,217 339,774 4,066,719

MEFIC Private Equity Opportunities Fund 10,647 10,647,479 - -

39,268,361 34,575,344

(c) This represent investment in unquoted shares of Marsa Al-Seef Investment Company Limited,

registered in Cayman Island. The company was established with the principal aim of investing in

Marsa Al-Seef project, a real estate development in the Kingdom of Bahrain.

(d) This represents 251,909 preferred shares (2015: 300,000 preferred shares) in Ahli United Bank UK

Student Accommodation Company. The company is currently under liquidation and has distributed

87% of the total 2,000,000 units from its underlying investment in AUB UK Student

Accommodation Fund with the balance 13% to be distributed in the coming year.

(e) As at 31 December 2016, the underlying investment comprises of two investment portfolios (2015:

two portfolios) that mainly comprise of investment in shares, futures, forwards and certain fixed

deposits. Impairment of SR 0.73 million against the investment in one of two portfolios has been

recognized in the Statement of Income during the year. The accumulated provision for impairment

amount to SR 1.33 million as at 31 December 2016.

(f) This represents amount invested in a discretionary equity portfolio managed by the asset

management division of the Company.




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9. EQUITY ACCOUNTED INVESTEE

The movement in equity accounted investee for the year ended 31 December is as follow:

Company

Share

%

Country of

incorporation

Balance as at

1 January

2016

Share in loss

Impairment

Balance as

at 31

December

2016 Medical Tube Industry Co. 20 Saudi Arabia 6,077,814 (1,402,292) (904,197) 3,771,325

Total 6,077,814 (1,402,292) (904,197) 3,771,325

Company

Share

%

Country of

incorporation

Balance as at

1 January

2015 Share in loss

Impairment

Balance as

at 31

December

2015 Medical Tube Industry Co. 20 Saudi Arabia 8,247,809 (1,540,081) (629,914) 6,077,814

Total 8,247,809 (1,540,081) (629,914) 6,077,814 Medical Tube Industry Company (“the Associate”) was established in 2005 having registered office in

the Kingdom of Saudi Arabia, Riyadh. The Associate is mainly involved in production of medical

instruments.

10. RECEIVABLE AGAINST SALE OF INVESTMENT PROPERTY

2016 2015

Receivable against sale of investment property 120,000,000 120,000,000 In December 2014, the subsidiary sold the leasehold rights of the property “Souk Sharq” to Souk Sharq

Fund (the “Fund’) which is managed by the majority shareholder. The total consideration of disposal

was SR 300 million out of which SR 180 million was paid in cash by the Fund and SR 120 million is

payable over a maximum period of 15 years with repayment dates starting after 3 years from the date of

disposal. Such amount of SR 120 million carries an interest rate of 3.5% per annum.

11. RELATED PARTY TRANSACTIONS AND BALANCES In the ordinary course of its activities, the Group transacts business with its related parties. Related

parties include its shareholders and their affiliated companies, managed investment funds, the Board of

Directors, and key management personnel. Key management personnel are those persons, including a

non-executive director, having authority and responsibility for planning, directing and controlling the

activities of the Company, directly or indirectly. The transactions with related parties are carried out on

mutually agreed terms approved by the management of the Group. The significant transactions with related parties during the year and the related amounts are as follows:

Transactions 2016 2015

Asset management fees 25,234,486 26,223,217

Dividend income 2,136,000 48,000

Board remuneration 1,122,000 640,000

Interest Income – Souk Sharq Fund 4,200,000 4,200,000




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11. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)

In addition to the above transaction the Group has entered into following related party transactions:

(i) Murabaha receivables

2016 2015

Murabaha placement – principal outstanding 10,000,000 -

Accrued profit on Murabaha placement 166,667 -

10,166,667 -

This represents Murabaha transaction with CAYAN MEFIC Office Tower fund carrying a profit

rate of 10% p.a.

(ii) The Group has invested in units of the following funds managed by the Company.

2016 2015

MEFIC Local Equity Fund (50,000 units) - 5,000,000

CAYAN MEFIC Office Tower Fund (20,000 units) - 20,000,000

MEFIC Al Qannas II Fund (15,000 units) - 15,000,000

Investment subscription money - MEFIC Private Equity

Opportunities Fund 10,647,479 -

(iii) Units held in the funds managed by the Company included under investments.

2016 2015

Number of

units Holding %

Number of

units Holding %

Real Estate Income Fund 60,000 0.62% 60,000 0.62%

Souk Sharq Fund 35,000 19.44% 35,000 19.44%

MEFIC SAR Murabaha Fund 46,311.34 1.74% - -

MEFIC Amwal Sports Fund - - 5,000 11.90%

MEFIC Manazel Qurtoba II Fund 5,000 5.00% 5,000 5.00%

MEFIC IPO Fund 147,193.35 25.29% 147,193.35 20.09%

MEFIC Local Equity Fund 50,000 34.96% 50,000 45.61%

CAYAN MEFIC Office Tower Fund 20,000 31.91% 20,000 31.91%

(iv) Receivable from Souk Sharq Fund – During the year 2014, under the sale and assignment

agreement between the Company and Souk Sharq Fund (“the Fund”), the Fund was assigned the

right to collect rent due from tenants at the time of transfer of the leasehold property amounting to

SR 40.4 million. During the year 2015, the Company entered into a debt restructuring agreement

with the Fund to allow repayment of this receivable in installments over a period of 7 years.

Accordingly, the Company reclassified the rent receivable as a balance receivable from the Fund

and reversed the provision for doubtful recovery there on. The first installment of SR 6 million was

collected by the Company during 2015. The arrangement carries no interest.

2016 2015

Receivables from Souk Sharq Fund 34,403,906 34,403,906

Less: Current portion of receivables from Souk Sharq Fund (12,000,000) (6,000,000)

22,403,906 28,403,906




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11. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)

(v) Payable to Souk Sharq Fund – This represents the amount of rentals on leasehold property

collected by the Company on behalf of the Souk Sharq Fund during the year ended December 31,

2016. Nil (2015: SR 30,001)

In addition to related party balances disclosed elsewhere in the financials following are the balances

outstanding with related parties at the balance sheet date:

Balances 2016 2015

Accrued management fees from Funds managed by the Company 17,847,527 12,534,645

Accrued performance fees from Amwal Sports Fund managed by

the Company 6,814,232 --

Accrued interest income – Souk Sharq Fund managed by the Company 4,200,000 4,200,000

Long-term receivables (Note 12) 4,650,000 4,350,000

Accrued board remuneration 1,028,000 527,000

Accrued dividend from funds managed by Company

- Real Estate Income Fund 36,000 36,000

- Souk Sharq Fund 2,100,000 -

12. LONG-TERM RECEIVABLES

2016 2015

Loan to executive personnel (a) 2,300,000 2,000,000

Advance to Associate Company(b) 2,350,000 2,350,000

4,650,000 4,350,000

(a) This represents loans to the senior executives of the Company. These loans carry an interest rate of

1.75% per annum (31 December 2015: 1.75% p.a.).

(b) This advance was provided to Medical Tube Industry Company and carries no interest and has no

fixed maturity date.

MIDDLE EAST FINANCIAL INVESTMENT COMPANY AND ITS SUBSIDIARY

(A Saudi Closed Joint Stock Company)



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13. PROPERTY AND EQUIPMENT, NET

Leasehold

improvements

Furniture

and

fixtures

Office

equipment

Information

technology

equipment

Network

communication

equipment

Software

and

licenses

Motor

vehicles

Work in

progress Total

Cost As at 1 January 2016 3,418,319 1,418,366 1,068,636 1,265,123 6,117,616 9,383,801 459,847 408,088 23,539,796 Additions 14,500 31,475 10,398 57,949 -- 135,059 -- 901,493 1,150,874 Transfer -- -- -- -- -- 183,309 -- (183,309) --

As at 31 December 2016 3,432,819 1,449,841 1,079,034 1,323,072 6,117,616 9,702,169 459,847 1,126,272 24,690,670

Accumulated depreciation

As at 1 January 2016 2,842,640 1,197,418 928,303 1,038,259 5,977,468 7,717,717 53,648 -- 19,755,453 Charge for the year 128,236 71,077 43,924 112,261 66,613 446,603 91,970 -- 960,684

Disposals -- -- -- -- -- -- -- -- --

As at 31 December 2016 2,970,876 1,268,495 972,227 1,150,520 6,044,081 8,164,320 145,618 -- 20,716,137

Net book value

As at 31 December 2016 461,943 181,346 106,807 172,552 73,535 1,537,849 314,229 1,126,272 3,974,533

As at 31 December 2015 575,679 220,948 140,333 226,864 140,148 1,666,084 406,199 408,088 3,784,343

MIDDLE EAST FINANCIAL INVESTMENT COMPANY AND ITS SUBSIDIARY (A Saudi Closed Joint Stock Company)



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14. ACCRUED EXPENSES AND OTHER LIABILITIES

2016 2015

Accrued employees’ salaries and other benefits 852,483 3,023,699

Accrued professional fee 1,330,808 1,036,333

Communication and networking charges 115,103 178,986

Accrued IT maintenance expense 48,678 --

Accrued insurance premium 115,960 --

Accrued rent expense 223,121 --

Payable to GOSI 147,715 137,655

Accrued Board members’ fee 1,028,000 527,000

Withholding tax payable 3,526 10,281

Commission and placement fee payable 735,202 --

Accrued maintenance expenses 23,850 15,866

Accrued security service expenses 24,000 12,000

Others 219,853 865,271

4,868,299 5,807,091

15. PROVISION FOR ZAKAT AND INCOME TAX The Group has recognized provision for zakat and Income tax for the year in accordance with Saudi

Arabian Zakat and Income Tax Regulations and recognized in shareholders’ equity.

(a) Components of zakat base

The following are the significant components of the zakat base of the Saudi and GCC shareholders for the

year ended 31 December:

2016 Company Subsidiary

Shareholders’ equity 400,000,000 148,133,615 Accumulated profit 8,516,271 -- Statutory reserve 8,553,886 6,396,252 Adjusted net income for the year 4,354,321 3,988,253 Provisions 2,775,115 2,296,963 Property and equipment, net (3,658,917) -- Long-term investments (118,705,028) (37,414,095) Dividend income from Saudi companies (15,208) -- Impairment of available-for-sale investment (735,050) -- Others 593,532 --

Some of these amounts have been adjusted in arriving at the zakat charge for the year.

2015 Company Subsidiary

Shareholders’ equity 410,619,077 135,374,079

Statutory reserve 5,842,629 4,541,101

Adjusted net income for the year 6,804,253 9,071,453

Provisions 2,555,978 11,791,496

Property and equipment, net (3,895,631) --

Long-term investments (133,253,331) (37,693,600)

Dividend income from Saudi companies (45,624) --




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15. PROVISION FOR ZAKAT AND INCOME TAX (Continued)

(b) The movement in the provision for zakat for the year ended 31 December is as follows:

2016 Company

Subsidiary

Total

As at 1 January 2,871,106 4,329,574 7,200,680 Reversal during the year (379,380) (481,383) (860,763) Payments made during the year (2,491,726) (3,848,191) (6,339,917) Charge for the year 2,197,763 3,949,004 6,146,767

As at 31 December 2,197,763 3,949,004 6,146,767

2015 Company

Subsidiary

Total

As at 1 January 3,337,648

4,423,562

7,761,210

Payments made during the year (2,860,406)

(3,918,320)

(6,778,726)

Charge for the year 2,393,864

3,824,332

6,218,196

As at 31 December 2,871,106

4,329,574

7,200,680

(c) The movement in the provision for tax for the year ended 31 December is as follows:

2016 Company

Subsidiary

Total

As at 1 January 84,373 112,527 196,900

Prior year charge 1,093 6,310 7,403

Payment during the year (85,466) (118,837) (204,303)

Charge for the year 53,994 49,454 103,448

As at 31 December 53,994 49,454 103,448

2015 Company

Subsidiary

Total

As at 1 January --

251,456

251,456

Charge for the year 173,439

112,485

285,924

Payment during the year (89,066)

(251,414)

(340,480)

As at 31 December 84,373 112,527 196,900

(d) Status of assessments

The Company has submitted its zakat and income tax returns for financial years from 2007 through 2015

with the General Authority for Zakat and Tax (“GAZT”). The Company received zakat assessments for the

years from 2007 to 2011 raising additional demand of SAR 19.64 million. The Company paid SAR 1.67

million of the additional liability and filed an appeal against the remaining liability to Higher Appeal

Committee (HAC); a bank guarantee of SAR 17.97 million is submitted to GAZT as required by the zakat

and income tax laws of the Kingdom of Saudi Arabia.

The above additional exposure is on account of disallowance of certain long-term investments by GAZT.

The basis of this additional aggregate Zakat liability is being contested by the Company and pending the

outcome of these actions no additional liability is recorded in the financial statements. The Company has

formally contested these assessments and is awaiting a response from GAZT.

The Company believes that the ultimate outcome of the appeals filed and actions taken by the Company

cannot be determined reliably at this stage and consequently no provision was booked for such additional

Zakat liability as at 31 December 2016.




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15. PROVISION FOR ZAKAT AND INCOME TAX (Continued)

The Subsidiary

The Subsidiary has filed its Zakat and income tax returns for the years from establishment date up to and

including the financial year 2015 with the General Authority of Zakat and Tax (the “GAZT”). and has

received restricted certificate upto the year 2015. However, the Subsidiary has not yet received the

assessments from GAZT for any of these years.

16. PROVISION FOR EMPLOYEES’ END-OF-SEVICE BENEFITS

The movement in the provision for employees’ end-of-service benefits for the year ended 31 December is

as follows:

2016 2015 Balance at the beginning of the year 2,712,073 2,209,661

Payments made during the year (394,522) (478,294)

Charge for the year 1,083,726 980,706

Balance at the end of the year 3,401,277 2,712,073

17. SHARE CAPITAL

As at 31 December 2016, authorized, issued and fully paid-up share capital of the Company was

SR 400 million divided into 40 million shares (31 December 2015: 40 million shares) with a nominal

value of SR 10 each.

The shareholding of the Company’s issued and fully paid-up share capital was as follows:

Ownership

percentage

Number of

shares

Share

capital

SR

Saudi shareholders 45% 18,000,000 180,000,000 Foreign shareholder (a) 40% 16,000,000 160,000,000 The Arab Investment Company (TAIC) (b) 15% 6,000,000 60,000,000

100% 40,000,000 400,000,000

(a) The Company’s 40% share capital is owned by AUB Bank Bahrain (“AUB”), a pan GCC banking

group. During the year, AUB obtained necessary clearance from the Capital Market Authority (CMA),

of Saudi Arabia to acquire 40% share capital of the Company. However, other legal formalities in

connection with the transfer of shares are in process.

(b) TAIC is a closed joint stock company owned by the Arab states and registered in the Kingdom of

Saudi Arabia. 58.65% of TAIC is owned by Saudi and GCC shareholders and therefore out of 15% of

TAIC’s holding in the Company, 8.8% is considered Saudi and GCC shareholding, which is subject to

zakat while the remaining 6.2% is considered subject to tax liability together with Kuwait Middle East

Financial Investment Company - KMEFIC.

18. STATUTORY RESERVE In accordance with its by-laws and the Regulations for Companies in the Kingdom of Saudi Arabia, the

Company is required to allocate 10% of its net income each year to a statutory reserve. The Company

may discontinue such transfers when such reserve reaches 50% of its share capital. Such reserve will be

allocated at fiscal period-end, and is not subject to dividend distribution.




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19. OTHER GENERAL AND ADMINISTRATIVE EXPENSES

2016 2015

Professional fee 4,936,323 2,775,709

Repairs and maintenance expense 1,910,942 1,644,189

Marketing and advertising 764,600 420,578

Travel expense 986,153 1,079,438

Communication expense 404,441 384,706

Commission and placement fee 3,384,749 4,145,659

Brokerage rebate 231,535 254,772

Insurance expense 332,951 323,795

Subscriptions 368,028 362,498

Publication, printing and stationery 216,186 425,308

CMA and license renewal fee 259,750 256,493

Tadawul fee 217,160 201,135

Utilities 205,249 193,234

Office cleaning expense 261,160 261,139

Security service expense 144,000 159,933

Bank charges 107,037 109,028

Withholding tax 68,633 21,078

Board member’s fee 1,122,000 640,000

Others 474,449 558,256

16,395,346 14,216,948

20. IMPAIRMENT CHARGES, NET

This represents impairment (reversals)/ charges in relation to:

Note 2016 2015

Rent receivables -

(10,776,912)

Other assets 7 (a) -

999,104

Available-for-sale investment 8 (e) 735,050

603,588

Investment in an associate 9 904,197

629,914

1,639,247 (8,544,306)

21. EARNINGS PER SHARE Earnings per share are calculated by dividing operating income and net income for the year by the

weighted average number of shares for the years ended 31 December 2015 and 2016.

22. FIDUCIARY ASSETS Assets under management: These represent the mutual funds’ assets and investments managed by the Group on behalf of its

customers, which amount to SR 2,274,699,088 as at 31 December 2016 (31 December 2015: SR

2,446,165,330). Consistent with the Group’s accounting policy, such balances are not included in the

Group’s consolidated financial statements. Clients’ cash accounts: Pursuant to the CMA’s Authorized Persons Regulations requiring Client money segregation, the Group

holds Clients’ money in Omnibus accounts at a local bank to carry out its dealing, managing and custody

activities. The Group is holding clients’ cash accounts, which amounts to SR 58,720,646 as at 31

December 2016 (31 December 2015: SR 96,609,664). Consistent with the Group’s accounting policy, such

balances are not included in the Group’s consolidated financial statements.




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23. SEGMENT INFORMATION The Group operates solely in the Kingdom of Saudi Arabia. For management purposes, the Group is

organized into business units based on services provided and has the following reportable segments:

Corporate Corporate manages future corporate development and controls all treasury related functions. All

proprietary investments are incubated within this business segment, which also comprise strategy and

business development, legal and compliance, finance, operations, human resources and client relation

management.

Asset management Asset management services include management of certain mutual funds and investments on behalf of the

Group’s customers.

Management monitors the operating results of the operating segments separately for making decisions

about resource allocation and performance assessment. Segment performance is evaluated based on

operating profit and loss.

The Group does not track liabilities by business segment and these are accordingly disclosed as corporate

liabilities.

Year ended 31 December 2016 Note Corporate Asset

management Others Total

Total revenues 18,706,127 32,917,593 2,147,674 53,771,394

Expenses

Salaries and employee – related

(7,130,036) (13,545,115) (7,551,470) (28,226,621) Expenses

Depreciation expenses 13 (392,631) (72,532) (495,521) (960,684)

Rent expenses (416,409) (511,249) (577,892) (1,505,550) Other general and administrative

expenses 19 (4,389,106) (9,308,028) (2,698,212) (16,395,346)

Impairment charges, net 20 (1,639,247) -- -- (1,639,247)

Total expenses (13,967,429) (23,436,924) (11,323,095) (48,727,448)

Net income / (loss) for the year 4,738,698 9,480,669 (9,175,421) 5,043,946

As at 31 December 2016

Total assets 274,517,224 133,645,342 14,049,457 422,212,023

Total liabilities 14,519,791 -- -- 14,519,791




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23. SEGMENT INFORMATION (Continued)

Year ended 31 December 2015 Note Corporate

Asset

management Others Total

Total revenues 28,000,032 31,223,730 3,633,066 62,856,828

Expenses

Salaries and employee – related

(7,692,502) (10,566,676) (8,441,357) (26,700,535) Expenses

Depreciation expenses 13 (635,610) (117,417) (802,167) (1,555,194)

Rent expenses (495,377) (580,735) (656,436) (1,732,548)

Interest expense on borrowings (83,339) -- -- (83,339)

Other general and administrative

expenses 19 (4,415,917) (5,481,690) (4,319,341) (14,216,948)

Impairment charges 20 8,544,306 -- -- 8,544,306

Total expenses (4,778,439) (16,746,518) (14,219,301) (35,744,258)

Net income / (loss) for the year 23,221,593 14,477,212 (10,586,235) 27,112,570

As at 31 December 2014

Total assets 276,124,496 122,138,958 45,250,782 443,514,236

Total liabilities 15,946,745 -- -- 15,946,745

24. REGULATORY CAPITAL REQUIREMENTS AND CAPITAL ADEQUACY

The Capital Market Authority (the “CMA”) has issued Prudential Rules (the “Rules”) dated 30

December 2012 (corresponding to 17 Safar 1434H). According to the Rules, the CMA has prescribed the

framework and guidance regarding the minimum regulatory capital requirement and its calculation

methodology as prescribed under these Rules.

In accordance with this methodology, the Company has calculated its minimum capital required and

capital adequacy ratios as follows:

Description 2016 2015

Capital base:

Tier-1 Capital 407,692,232 427,424,355

Tier-2 Capital -- --

Total capital base (A) 407,692,232 427,424,355

Minimum Capital Requirement:

Market risks 1,371,957 1,255,452

Credit risks 208,212,406 207,065,776

Operational risks 12,181,862 13,499,096

Total minimum capital requirement (B) 221,766,225 221,820,324

Surplus (C=A-B) 185,926,007 205,604,031

Capital adequacy ratio (D=A/B) 1.84 1.93




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24. REGULATORY CAPITAL REQUIREMENTS AND CAPITAL ADEQUACY (Continued)

a) Capital Base of the Company comprise of

- Tier-1 capital consists of paid-up share capital, retained earnings, share premium (if any), reserves

excluding revaluation reserves, with certain deductions as per the Rules.

- Tier-2 capital consists of subordinated loans, cumulative preference shares and revaluation reserves,

with certain deductions as per the Rules.

b) The minimum capital requirements for market, credit and operational risk are calculated as per the

requirements specified in the Rules.

c) The Company’s business objectives when managing capital adequacy is to comply with the capital

requirements set forth by the CMA to safeguard the Company’s ability to continue as a going concern,

and to maintain a strong capital base.

25. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

a. Credit risk

Credit risk is the risk that one party of a financial instrument will fail to discharge an obligation and cause

the other party to incur a financial loss. The Group has established procedures to manage credit exposure

including evaluation of borrowers' credit worthiness, formal credit approvals, assigning credit limits,

obtaining collaterals such as managing borrowers' portfolios. Individual margin loan contracts generally

are for terms not exceeding twelve months. Concentration of credit risk arises when a number of counter-parties are engaged in similar business

activities, or activities in the same geographic region, or have similar economic features that would cause

their ability to meet contractual obligations to be similarly affected by changes in economic, political or

other conditions. Concentration of credit risk indicates the relative sensitivity of the Group's performance

to developments affecting a particular industry or geographical location. The Group’s policy over credit risk is to minimize exposure to counter parties with perceived higher risk

of default by dealing only with counter parties that evaluated to be credit worthy based on risk assessment

procedures performed, Know Your Customer (KYC) and compliance procedures conducted prior to

accepting a customer. The Group extends financing to customers after obtaining adequate collaterals in

the form of approved securities as to ensure adequate customer liquidity to meet repayment obligations

and mitigate credit risk. Credit risk is monitored on a daily basis for adequacy of collateral coverage in accordance with the

applicable risk management policy and if required, additional margin calls are issued to customers to

pledge additional assets and customer portfolios are fully / partly liquidated to ensure compliance with

the applicable risk management policy.

b. Commission rate risk Commission rate risk is the uncertainty of future earnings resulting from fluctuations in commission

rates. The risk arises when there is a mismatch in the assets and liabilities, which are subject to

commission rate adjustment within a specified period. The most important source of such rate risk is the

Group's borrowings and lending, where fluctuations in commission rates, if any, are reflected in the

results of operations.

c. Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign

exchange rates. The Group’s transactions are principally in Saudi Riyals, Kuwaiti Dinar, Sterling Pound

and US Dollars. Management monitors the fluctuations in currency exchange rates and believes that the

Group is not exposed to significant foreign exchange risk.




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25. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Continued)

d. Liquidity risk

Liquidity risk is the risk that the Group will be unable to meet its net funding requirements. Liquidity risk

can arise by market disruptions, which may cause certain sources of funding to be unavailable. Liquidity

risk is managed by monitoring on a regular basis that sufficient funds are available to meet the Group’s

future commitments.

e. Fair value

Fair value is the amount for which an asset could be exchanged, or a liability settled between

knowledgeable willing parties in an arm's length transaction. As the Group's financial instruments are

compiled under the historical cost convention, differences can arise between the book values and the fair

value estimates. Management believes that the fair values of the Group’s financial assets and liabilities

are not materially different from their carrying values.

26. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

These consolidated financial statements were approved by the board of directors on 16 Jumada II’ 1438 H

corresponding to 15 March 2017 G.

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